Business Suite

Documentation / Financial Management / Income Management
View Changelog

Income Management in CloudOnex Business Suite

Overview

CloudOnex Business Suite provides robust tools for tracking and managing your business income. This guide will help you understand how to record, categorize, and monitor your income effectively.

Recording Income

Adding a New Income Entry

  1. Navigate to Accounting → New Deposit
  2. Fill in the required fields:
    • Amount: Enter the income amount
    • Date: Transaction date (defaults to today)
    • Description: Brief description of the income

Optional Fields

  • Tags: Add searchable tags for better organization
  • Category: Select or create an income category
  • Payer: Choose a customer from your contacts
  • Reference: Add transaction ID, check number, etc.
  • Payment Method: Select payment method (cash, credit card, etc.)

Income Categories

Managing Categories

  1. Go to Settings → Income Categories
  2. Add new categories as needed
  3. Use categories to:
    • Track different revenue streams
    • Generate filtered reports
    • Analyze income patterns

Real-Time Balance Calculation

The system automatically calculates your account balance using the formula:

Current Balance = (Initial Balance + Total Income) - Total Expenses

Example:

  • Initial Balance: $120.00
  • New Income: $400.00
  • Expense: $10.00
  • Current Balance: ($120.00 + $400.00) - $10.00 = $510.00

Multi-Currency Support

  • System automatically converts transactions to your home currency
  • Exchange rates are applied based on your settings
  • View balances in both original and home currency

Income Reports

Access detailed income reports through:

  1. Reports → Income Reports
  2. Reports → Income vs Expense
  3. Reports → Reports by Date

Report Features

  • Filter by date range
  • Sort by category
  • Export to CSV/PDF
  • Compare with previous periods
  • View trends and patterns

Best Practices

  1. Regular Recording

    • Record income transactions promptly
    • Maintain accurate dates for proper accounting

  2. Proper Categorization

    • Use specific categories for different income sources
    • Maintain consistent categorization for accurate reporting

  3. Documentation

    • Attach relevant files to income entries
    • Add detailed descriptions for future reference

  4. Reconciliation

    • Regularly compare system balances with bank statements
    • Address any discrepancies promptly

API Integration

For developers: Use the API to automate income recording:

$ch = curl_init();
curl_setopt($ch, CURLOPT_URL, 'https://your-domain.com/?api_key=YOUR_API_KEY&ng=api/v2/income');
curl_setopt($ch, CURLOPT_POST, 1);
curl_setopt($ch, CURLOPT_POSTFIELDS, [
    'amount' => 1000,
    'description' => 'Monthly Service Fee',
    'date' => '2024-11-16',
    'category' => 'Services'
]);
$response = curl_exec($ch);